Nigeria in 1min: Economic, Business & Financial Headlines – 280317

PROSHARE ECONOMYNigeria needs urgent reform for stable economy, says IMF - The International Monetary Fund (IMF) is expected to warn Nigeria its economy needs urgent reform, according to a report seen by Reuters that could delay talks over $1.4 billion in international loans. Source Guardian Read More

FG to borrow $6.1bn to complete all rail projects by December 2019 - The Federal Government has concluded plans to borrow 6.1 billion dollars from Chinese Exim Bank to complete all rail projects in the country by 2019. Source BUSINESSDAY Read More

NIRSAL to facilitate new N60billion loans for 2017 - The Nigerian Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL), plans to facilitate about N60 billion in fresh commercial bank lending to farmers in the current financial year. Source Guardian Read More

Infrastructure spending to transform growth - We attended on Wednesday the annual debate organized by the Business Council for Africa in London. This year’s theme was Africa: The Next Chapter, and we want to share the core points of the macro discussion. Source Proshare Read More

PROSHARE MARKETSNSEASI Inches Up by +0.12% as Market Opens The Week Positive - Equities market closed today on a positive note, as NSE ASI appreciated by 0.12% to close at 25,485.17 basis points, as against 0.23% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.17%. Source Proshare Read More

CBN to Sell FOREX to Banks at N357 to $1 - CBN to sell FOREX to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc) Source Proshare Read More

NESTLE and CADBURY: The Market Side Of The Story - The Distributor's Feedback - We met with a leading distributor of NESTLE and CADBURY products for feedback on the "market-side of things" ahead of our update reports. Source Proshare Read More

CBN Crashes FOREX Rate for Invisibles to N360 to $1; Pumps $185m into FOREX Market - The Central Bank of Nigeria (CBN) has released the sum of $85 million for sale to Deposit Money Banks (DMBs) at the rate of N 357/$1 for onward sale to retail end-users at not more than N360/$1, for invisibles such as Basic Travel Allowance(BTAs), medicals, school fees, etc. Source Proshare Read More

Sterling Bank obtains $15m Islamic corporation facility - The Non-interest banking unit of Sterling Bank Plc has attracted a $15 million facility from the Islamic Corporation for the Development of the Private Sector (ICD), a multilateral development financial institution and a part of the Islamic Development Bank (IsDB) Group. Source Daily Trust Read More

Non-performing loans will hit 12.5% in 2017 – Agusto & Co MD - Agusto & Co. is the foremost Pan African credit rating agency and a leading provider of industry research as well as information on economies and industries in select African countries. Source Daily Trust Read More

AMCON recovered N681 billion in six years – Kuru - The Asset Management Corporation of Nigeria (AMCON) has recovered a total sum of N681.5billion in the last six years of in the form of cash, properties and shares. Source Daily Trust Read More

Banks lend 0.1% of total credit to MSMEs - TOTAL loans granted by banks to Micro, Small and Medium Enterprises (MSMEs) in Nigeria amounted to just over 0.1 percent of total banks’ credits to the private sector over the past five years. Source Vanguard Read More

FG To Conduct Inaugural Offering Of $300mln Diaspora Bonds - The federal government yesterday announced its intention to conduct an inaugural public offering of up to US$300 million aggregate principal amount of Diaspora bonds. Source Leadership Read More

Instant Payment Hits N38.2trn Transactions in 2016 – NIBSS - The Nigeria Inter-Bank Settlement System Plc (NIBSS) has said total volume of Instant Payment (NIP) transactions recorded 154.5 million with value of N38.2 trillion in 2016. This is an increase of 117 per cent increase from last year instant payment transactions. Source Leadership Read More

BDCs to boycott $25m CBN auction over pricing - Bureaux de Change (BDCs) operators said they will not participate in today’s $25 million weekly dollar auction by the Central Bank of Nigeria (CBN). Source THE NATION Read More

Niger Delta: Illegal refiners to be shareholders of modular refineries - Details of the President Muhammadu Buhari’s New Vision for oil-producing communities in the Niger Delta, is emerging as an idea is now being worked out to explore how some of the illegal refiners and the local communities in the region can become shareholders in the proposed Modular refineries concept of the Federal Government, presidency sources have disclosed. Source THE NATION Read More

NPDC hands over OML 30 to new operator - THE Nigerian Petroleum Development Company, NPDC, has handed over Oil Mining Lease, OML, 30 to new operator, Heritage Energy. Source Vanguard Read More

Century Power adds 1,500MW to boost power supply - NIGERIA’S quest to have improved power supply has received a boost as Century Power, a subsidiary of the Obijackson Group, said it is adding 1,500 megawatts, MW, to the nation’s generating capacity. Source Vanguard Read More

NNPC Revives 11 Fertilizer Plants from Phosphate Supply Deal with Morocco - The Nigerian National Petroleum Corporation (NNPC) has disclosed that 11 fertiliser blending plants in Nigeria have been revived into production with the signing of a phosphate supply deal between Nigeria and Morocco. Source Thisday Read More

AITEO repays NNPC $202m for under-delivering fuel, others - The Nigerian National Petroleum Corporation (NNPC) has confirmed that it has received $202,344,838.62 from the AITEO Group being full payment of all its outstanding indebtedness to the corporation. Source Daily Trust Read More

PROSHARE BUSINESSLibya's National Oil Corp warns of new attempt at independent oil sales - Libya's National Oil Corporation (NOC) said on Sunday that it had identified "illegal" efforts to sell crude oil without its approval and warned potential buyers not to enter into such contracts. Source Reuters Read More

Zuma Batters South Africa's Credibility by Ordering Gordhan Home - South African President Jacob Zuma’s order for Finance Minister Pravin Gordhan to cancel an investor roadshow in London and the U.S. left the nation’s credibility in tatters. Source Bloomberg Read More

Saudi Aramco Tax Slashed to Prepare Oil Producer for Giant IPO - Saudi Arabia slashed the tax rate paid by state oil producer Saudi Aramco, a key milestone in preparing the company for what may be the world’s biggest initial public offering. Source Bloomberg Read More

Ghana Cuts Benchmark Rate as Inflation Slows and Cedi Gains - Ghana’s central bank cut its benchmark interest rate for a second time in four months as the cedi recovered from record lows and inflation slowed to the lowest rate in more than three years. Source Bloomberg Read More

Saudis Thinking Beyond Oil in Asia Courtship - King Salman bin Abdulaziz's trip to Asia has been characterized as either a routine visit to bolster the already strong trading ties between Saudi Arabia and Asia, an effort to diversify ties away from the U.S. or as a way to attract investments into Saudi Arabia and promote its own. The reality is that it's a combination of all the above. Source Bloomberg Read More

Japan's mouthwatering school lunch program is a model for the rest of the world - Japanese school lunches aren't synonymous with "mystery meat," but rather, shokuiku. It means "food and nutrition education," and it's a vital part of the Japanese child's early education. Source BUSINESS INSIDER Read More